10 Things You Need to Know Before Buying Your First Home: You'll Save Money and Get the Perfect Home for Your Family

posted on December 22, 2017

Are you looking to buy your first home? Make sure you have all the information you need. These 10 tips will save you money and headaches. You'll be able to find the perfect home for your family.

Attend a First-Time Home Buyer's Seminar

A seminar helps you learn about financing options, how much you can afford, and many other things a homeowner needs to know. Most are free.

Know What You Can Afford

Look at what you spend each month. If you can't buy the home you really want right now, start saving.

Prioritize Need and Wants

Know what's most important to you in a house. You'll have less trouble finding the features you really want when you know what they are.

Know Your Mortgage Options

Shop around and compare the loans you qualify for. Make sure you consider your situation: Are you staying in this house for 3 years or the rest of your life?

Look at First Time Buyer's Programs

Many offer tax credits, smaller down payments, and loans for people with less than perfect credit.

Get Pre-Approved for a Loan

You'll have a good idea what you can afford based on the loan amounts lenders offer to you.

Find a Good Agent

You want someone who specializes in the area and price range you're looking at.

Understand the Process

Typical home sales involve offers, counteroffers, and other negotiations. Make sure you make buying the house contingent on the home inspection showing no major damage.

Get an Inspection

Hire a professional home inspector to look over your potential home. You don't want to find out about major problems after you've already bought the place.

Understand Everything You Sign

Ask questions if you don't know what something means. If you feel nervous about signing anything, hire a lawyer to go over it with you.

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